Things To Consider When Buying A Condo

 

NORFOLK, VA, May 08, 2014—If you're currently considering buying a home, you may be playing with the idea of purchasing a condo. Condominiums are buildings in which individuals separately own the air space inside the interior walls, floors and ceilings of their unit, but they jointly own an interest in the common areas that they share – such as the land, lobby, hallways, swimming pool, and parking lot.

Most housing condominiums are apartments, although there are mobile home condominiums as well. Below, Louis Eisenberg, Associate Broker REALTOR ABR SFR of Prudential Towne Realty outlines some pros and cons of going with a condo, and highlights things you should know before buying.

Why Buy a Condo?

“Condos are an appealing way to enter the housing market if the cost of a single-family home is out of your reach,” explains Eisenberg. “Condos are especially popular among single homebuyers, empty nesters, and first-time buyers in high-priced housing markets.”

The high price of single-family homes and the influx into the housing market of more single homebuyers have made condos relatively hot national investments. They have held their value as an investment despite economic downturns and problems with some associations.

Eisenberg notes that condominium associations have also worked hard in recent years to clean up their image. Disputes and lawsuits were once rampant. But now associations have become savvier about property management and have taken steps to prevent legal problems and disputes.

Condo vs. Single-Family Home

“Unlike a house, condos offer a lifestyle that is free of yard work and exterior maintenance and repairs,” says Eisenberg. Many condominium communities also offer amenities such as exercise rooms, tennis courts, and swimming pools that you might otherwise be unable to afford if you purchased a single-family home.

However, there are financial differences between condos and traditional homes. “In addition to paying a mortgage, each owner is responsible for paying a monthly fee to the condo association, which is made up of the unit owners,” explains Eisenberg. The fee covers maintenance, repairs, and building insurance.

How Do you Choose a Good Condo?

“If you're considering buying a condo, seek ownership in a well-maintained building, and pay special attention to the financial health of the condo association,” suggests Eisenberg. Lax maintenance may be a sign of financial trouble, which could result in higher maintenance fees and problems trying to resell the property later.

Things to consider:

• Get a copy of the latest financial statement from the condo association.
• Ask the board of directors – which is elected by the unit owners from among themselves – if major repairs or improvements are imminent. If so, find out how much they will cost and whether there is enough money in the reserve to cover them.
• Check the by-laws, rules and the covenants, codes and restrictions (CC&Rs). You may find, among other things, that they prohibit or restrict pets and the renting of units. Some may require that the board have the right of first refusal on the sale of any unit.
• Learn everything you can about the homeowners association, including legal disputes and conflicts. Start by reading the minutes of the association meetings.
• Find out the owner-to-tenant ratio. Because many condominiums are often purchased as investments, there could be a high percentage of tenants in the building.

For more information on purchasing a condo,  please contact Louis Eisenberg, Prudential Towne Realty, leisenberg@prudentialtownerealty.com, 757-572-7244, or www.LouisEisenberg.com

3 Reasons To Sell Your Home This Spring

Many sellers are still hesitant about putting their house up for sale. Where are prices headed? Where are interest rates headed? These are all valid questions. However, there are several reasons to sell your home sooner rather than later. Here are three of those reasons.

1. Demand is about to skyrocket

Most people realize that the housing market is hottest from April through June. The most serious buyers are well aware of this and, for that reason, come out in early spring in order to beat the heavy competition. We also have a pent-up demand as many buyers pushed off their home search this winter because of extreme weather. Sellers in markets where seasonal weather is never an issue must realize that buyers relocating to their region will increase dramatically this spring as these purchasers finally decide to escape the freezing temperatures of the winters in the north.

These buyers are ready, willing and able to buy…and are in the market right now!

2. There Is Less Competition - For Now

Housing supply always grows from the spring through the early summer. Also, there has been a growing desire for many homeowners to move as they were unable to sell over the last few years because of a negative equity situation. Homeowners have seen a return to positive equity as prices increased over the last eighteen months. Many of these homes will be coming to the market in the near future.

The choices buyers have will continue to increase over the next few months. Don’t wait until all the other potential sellers in your market put their homes up for sale.

3. There Will Never Be a Better Time to Move-Up

If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by approximately 4% this year and 8% by the end of 2015. If you are moving to a higher priced home, it will wind-up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. You can also lock-in your 30 year housing expense with an interest rate at about 4.5% right now. Freddie Mac projects rates to be 5.1% by this time next year and 5.7% by the fourth quarter of 2015.

Moving up to a new home will be less expensive this spring than later this year or next year.

Courtesy of KCM Blog

Home For Sale By Owner? Think You Should Think Again

Home Mortgage Interest Rates Projected To Rise

Home Mortgage Rates are 4.5% and below. Now is a good time to buy a home.

Streamlining Your Home Construction Project

NORFOLK, VA, Apr 30, 2014—With the blooming of spring flora and reemergence of fauna comes an increase of a different kind of outdoor activity – construction. As more homeowners begin to prep for their spring renovation projects, Louis Eisenberg, Associate Broker REALTOR ABR SFR of Prudential Towne Realty takes us through several big things to keep in mind as your construction kick-off day nears.

“After you've done your due diligence of shopping around for contractors, checking up on references, and picking out your project start date, there are still several things you can do to streamline your home improvement project,” notes Eisenberg.
Do your research and plan accordingly. Many construction issues are things you just can’t plan for, like inclement weather on the day your new roof is supposed to go up. However, fully understanding the ins and outs of your construction process, how long it should take, and what the steps are to achieve completion, can help you stay on time--and on budget. Talk to people who have had similar projects done, make full use of Google and call several contractors for price and time quotes.
Enlist a designer. “While you may think hiring a designer is overkill, professionals can premeditate issues you may not be privy to, and issues that contractors simply aren't trained to look for,” explains Eisenberg. If your budget simply won't allow for the help of an architect, ask around your social circle to see if anyone knows a design-minded friend or acquaintance. Most people are happy to lend their expertise in exchange for a cup of coffee or a glass of wine.

Check up on your communication. You may think your construction team knows your expected outcome, but you would be surprised to learn how many homeowners fail to clearly communicate with their architect, contractor and construction team. Be sure you see several full plans and mock-ups of the finished project before construction begins.
Add a buffer to your budget. “Even the most well-planned construction projects can go awry. Whether your workers need to spend another day building or you find out source material prices rose suddenly, adding a monetary buffer to your budget will be helpful and ease stress should you need to shell out a few more dollars. “Setting your budget with a 10 percent flexibility ratio is ideal,” recommends Eisenberg.

For more home improvement advice, please contact Louis Eisenberg, Prudential Towne Realty, 109 E. Main Street, Norfolk, VA 23510,  leisenberg@prudentialtownerealty.com, 757-572-7244, or www.LouisEisenberg.com

Luz Bathroom Updates To Change Your Space

NORFOLK, VA, Apr 18, 2014—Whether you're fixing up your new home, prepping to sell your existing space, or just looking to renovate, the following suggestions from Louis Eisenberg, Associate Broker REALTOR ABR SFR of Prudential Towne Realty can take your bathroom to a whole new level.

Upgrade your vanity – Instead of a standard sink, Eisenberg suggests recycling an existing piece of furniture into a bathroom vanity by cutting a hole in the top of a beloved dresser or chest to drop in a sink and a faucet. Make sure the piece of furniture has ample storage space—drawers and cabinets are a must.

Curved shower rod – These rounded shower rods make your shower seem more open and airy, providing more space at a low cost, Eisenberg notes.

Spa feel – “An updated master bathroom is one of the most coveted features for buyers,” says Eisenberg. Make your bathroom feel extra luxurious with added perks like a rain-style shower head, extra fluffy white towels (so worth the splurge) and a vessel sink.

A skylight – Natural light does wonders for any room, and the bathroom is no different. “If your home layout allows for it, try carving a skylight in your bathroom to flood the space with daylight while still allowing for privacy,” Eisenberg suggests.

Innovative light fixtures – If you can't afford a skylight but still crave a well-lit bathroom, mix multiple light sources to create a balanced lighting plan. Consider recessed ceiling lights, a four-bulb vanity light fixture over the mirror and lights in the shower to really give the room a bright makeover.
For more information on home improvements, please contact Louis Eisenberg, Prudential Towne Realty, 109 E. Main Street, Norfolk, VA,  leisenberg@prudentialtownerealty.com, 757-572-7244, or www.LouisEisenberg.com

Percentage of Home Buyers By Generation

 Silent Generation is a label for the generation of people born during the Great Depression and World War II.

 Baby boomers are people born during the demographic Post–World War II baby boom between the years 1946 and 1964.

 Gen X is the generation born after the Western Post–World War II baby boom.

 Millennials (also known as the Millennial Generation[1] or Generation Y) are the demographic cohort following Generation X. There are no precise dates when the generation starts and ends. Researchers and commentators use birth years ranging from the early 1980s to the early 2000s.